抖阴短视频

RIYADH: Jabal Omar Development Co. , one of 抖阴短视频鈥檚 largest listed property developers, expects to finalize its merger deal with Umm Al Qura Development and Construction in 2018, a senior company executive said.
The deal, announced in November, is key to strengthening Jabal Omar鈥檚 presence in the real estate market of the Muslim holy city of Makkah beyond its flagship project within walking distance of the Grand Mosque to help tap growth in tourism.
鈥淎 key objective of this deal is basically to add value to Makkah real estate market,鈥� Faisal Shaker, chief investment and development officer, said in an interview.
鈥淭he size of King Abdulaziz road (which Umm Al Qura Co. is developing) is over 6 million square meters (65 million square feet) of built-up area. We aim to close the merger with Umm Al Qura in 2018,鈥� he added.
He said the company was currently working on a valuation for the deal with adviser Goldman Sachs.
In November, local media estimated the merger would create a real estate business with 50 billion riyals ($13.3 billion) of investments.
Pilgrimage to Islam鈥檚 holiest sites in Makkah and Medina is the backbone of a plan to expand tourism under Crown Prince Mohammed bin Salman鈥檚 economic reforms to diversify the economy away from oil.
The annual Hajj pilgrimage and the lesser year-round pilgrimage known as Umra generate $12 billion in revenues from lodging, transport, gifts, food and fees, according to BMI Research.
The government鈥檚 Vision 2030 reform plan aims to accommodate 30 million Umra visitors per year, up from 8 million now.
To finance its working capital, Jabal Omar plans to issue Islamic bonds, or sukuk, in the first half of 2018. Gulf International Bank (GIB) and HSBC are the advisers, Shaker said, declining to give further details.
In November, sources said that Jabal Omar was planning a sukuk sale that could top 4 billion riyals.
The company will also launch a real estate fund to finance new phases of its mega project that includes commercial malls, residential properties and hotels over a total built-up area of 1.66 million square meters.
鈥淲e are working on a number of investment products such as the REITs (real estate investment trusts) and funds with various structures, and we are looking to put some assets into income producing funds,鈥� Shaker said.
Jabal Omar will have around 5,000 new hotel rooms in its inventory in 2019. It will start off-plan sales of residential properties once it gets the license from the ministry of housing, probably in 2018, he said.